What Is “KYC” and Why Does It Matter in Various Industries?
From OCR, to SDK and even VIN or TIN – you could be forgiven for thinking the language of Anyline is ‘Acronymish’! But one acronym we really like here is KYC and in this article, you will discover what KYC means and why its importance is steadily rising.
What Is KYC?
KYC stands for ‘Know Your Customer’, and in business terms, KYC is the process of how companies can correctly verify the identity of their customers. As businesses and authorities digitally transform their services, they need to apply new technologies to their business processes to be able to collect ID information, user data & register their customers instantly.
One of our main initiatives here at Anyline revolves around our mobile scanning technology that enables our client industries to know their customers better. Our OCR and Barcode-enhanced technology empowers software to read pieces of visual information and convert the scanned characters into actual digital data for further processing.
Let’s have a look at a few of those industries & sectors, that are already using our scanning technology to optimize their workflows & business processes:
KYC in Travel, Tourism & Hospitality Industries
“May I see your passport, please?” is one of the most common phrases that you will hear within the hospitality industry. Every check-in requires personal data to be put into a system and traditionally, this has always been done with manual entry.
How “1990”! But thanks to Anyline’s mobile scanning technology, all that the agents need to do now is simply scan the correct documents with their mobile device and within seconds, that information is automatically integrated into their backend system. Fast, accurate, and secure.
The mobile check-in provider in Spain, Clizzz, has been utilizing Anyline Scanning since December 2016, with over 400 properties integrated. Find out more about how Clizz is optimizing their customer’s experience & reducing costs with Anyline in this success story.
KYC in the Telecommunications Sector
Does the following sound familiar to you? You are required to go to a storefront location and fill out an extensive application form manually, which then has to be entered into a backend system by some employee manually too, of course. Precious time wasted and just the hope remains that no errors were made in that onboarding process, filled with two manual data entries.
When it comes to the telecommunications industry, this process is – unfortunately – still the standard for registering with a company to activate a SIM card or any kind of related service. But what if you don’t have to travel to a physical store location? Or even better, fill out any forms!? Well, thanks to mobile scanning technology, KYC in the telecommunication business gets easier, faster, and more digital.
The Kenyan telecommunications provider Safaricom has leapfrogged the entire industry by implementing mobile scanning solutions into their KYC processes, as you can read in this success story.
KYC in Banking Sector & Finance Industry
With Anyline’s scanning technology for KYC processes, capturing data is much quicker and much more accurate compared to manual data entries. Aside from this efficiency boost, mobile scanning is also much safer than traditional ways of private data acquisition: Customer data, e.g. from ID cards, Barcodes, or other ID documents, is captured and processed offline, only connecting to the bank’s relative application and backend systems.
The Viennese financial service provider Cashpresso has enhanced customer onboarding processes with mobile scanning, learn more about their gains in this success story.
KYC in Car Rental / Auto Rental
Fortunately, Anyline’s mobile scanning technology can turn this tiresome process into a task that can be solved instantly: By, for example, scanning passport & ID data in an instant, you are getting the customer on their way in a fraction of the time. In an industry as competitive as automotive rentals, this simplified process can be the difference!
KYC in Insurance Industry
A car crash or accident is a moment we never see coming, but when it does, adrenaline rushes through our body and it is easy to forget everything you need to do. One of the most important things, of course, is exchanging information and capturing photos of the damage. Traditionally, this is all done manually as you scramble through your glove box looking for a pen.
But it doesn’t have to be that way. This process can all be done instantly and right on the spot, even integrated within the insurance provider’s application. This instant mobile data scanning & processing helps to organize all the information, ensure accurate data collection and eliminates at least a part of the anxiety and stress of customers being involved in an accident.
The German automotive insurance provider MySchaden24 uses OCR-enhanced mobile scanning technology to improve customer experience & enhance business processes, read more about it in their success story.
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